Lack of data and skills hamper green valuation of buildings - RICS

Lack of data on the sustainability performance of buildings and a shortage of knowledge and skills among valuation professionals are hampering the integration of green credentials into mainstream property valuation, according to a new RICS report.

The report, ‘Drivers for change: Strengthening the role of valuation professionals in market transition’, was launched at the Provada fair in Amsterdam this week. It forms part of the European-funded Renovalue project.

The research offers insights into the latest state of play surrounding the treatment of energy performance data by the valuation community as well as local market sentiment with regard to sustainable buildings.

‘The report confirms that, across the countries investigated, data availability and quality is a real issue. Without access to reliable data, valuation professionals cannot factor the energy and wider sustainability performance of an asset into the valuation report,' said Ursula Hartenberger, global head of sustainability at RICS and partner of the RenoValue project. 'It is evident that most of the challenges which valuation professionals are facing today are a direct result of an overall lack of transparency in their respective markets.’

To address the skills gap, the findings of the report will be used to develop training materials for valuation professionals on how to factor sustainability into real estate market decision-making and daily valuation practice.

The report is the result of market research and professional consultation with over 150 valuation experts from across seven European countries including Belgium, Germany, Italy, the Netherlands, Poland, Sweden and the UK.